India's MRF slips on Sept-qtr profit fall

MRF

09/11/2022 04:24

** Shares of Indian tyre manufacturing company MRF Ltd
 MRF.NS  fall as much as 6.3% to 88,900 rupees, lowest since
Oct. 28
    **  Company says standalone net profit from continuing
operations fell 32.4% to 1.24 bln rupees ($15.21 million), as 
high input costs and global inflation hiked prices of raw
materials such as rubber
    ** Co missed analyst expectations of profit of 1.85 bln
rupees, according to Refinitiv IBES data
    ** Rev from operations rose 18.4% to 57.19 billion rupees
    ** MRF also approved revising the size of non-convertible
debentures to 1.5 bln rupees from 1 bln rupees approved earlier 
    ** Co posts largest intraday pct loss since Sept. 16
    ** More than 15,990 shares change hands by 0420 GMT vs the
30-day avg of 13,210 shares
    ** One of 10 analysts covering the stock has a "buy" or
"strong buy" rating, 2 have "hold" while 7 rate it at "sell" or
"strong sell"; median PT is 71.881.5 rupees - Refinitiv data
    ** Stock up 29.4% YTD up to last close
($1 = 81.5380 Indian rupees)
 (Reporting by Ashna Teresa Britto in Bengaluru)
 ((AshnaTeresa.Britto@thomsonreuters.com ; ( +91 8078332441))